Basic Terminology Of Insurance
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Basic terminology of insurance. The following glossary includes key insurance terms you ll want to know. Health insurance is a policy or a contract between an individual and an insurance company to pay a portion of the individual s. Insurance in real life basic terminology. We ve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance.
It s ok we know as well as anyone that the language of health insurance can be hard to understand. We understand that s why we re here to teach you the basics. The replacement cost of the item minus depreciation. Basic insurance terminology and definitions about life health automobile and home insurance to help you understand basic concepts and buy the right insurance.
By richard stim attorney. Insurance holding company system consists of two or more affiliated persons one or more of which is an insurer. No insurance website could be complete without offering and index of insurance terms and definitions. Ever find yourself scratching your head when people start talking about insurance.
No matter what type of policy you have its basic purpose is to pay a death benefit to the policy beneficiaries when the insured dies. Yet every day it s becoming more and more important for health care consumers to have at least a basic knowledge of the industry s terminology. Unit b2 601 boomerang chandivali farm road near chandivali studio andheri east mumbai 400072 licence no. Here you ll find plain english definitions for 33 of the most common insurance terms.
Basic terminology actual cash value. Here s a quick start on your journey to understanding health insurance terminology. 478 irda direct broker code. Insurance terms and definitions.
Listed below are a few key terms to know before discussing insurance. Take a look to gain more confidence in your coverage. The legal principle that allows an individual or organization to represent another individual or organization. Coverfox insurance broking pvt.
As you experience changing events in life and take on greater responsibilities you may need to manage different kinds of life health automobile or home insurance. Also an organization that sells and services insurance policies to consumers. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in the mid 1970s.
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